With more homes for sale, vendors face more competition for buyers.Property listingsThis weekend will be the busiest auction weekend of the year so far and with more homes for sale, experts are warning home sellers not to be overly optimistic on price.
In Melbourne, Nelson Alexander director Arch Staver said his group sold 81 per cent of their stock at auctions last week, a higher clearance rate than the broader market which is now hovering in the mid-60 per cent range, as genuine sellers looked to do deals and move on with their lives.“A lot of that had to do with vendors prepared to meet the market and that’s going to be the key ingredient to success this weekend and in weekends to come,” he said.
But the story is different for anything in the $1 million to $2 million range that is compromised in position or facing competition from similar listings, he said. “We’re finding that vendors that are well aligned on price, and where properties have been appropriately price-guided we’re getting good traction and competition,” he said.“Where vendors have an unrealistic view of what it should be worth … those are not getting sold.”